Fierce Biotech reports on WSJ story that calculates Genzyme CEO Henri Termeer will be out about $11 M from a personal gain point of view if Genzyme were to sell out to Sanofi at the offered $69 per share. For him to break even, Sanofi needs to up it's bid to $71 per share. Anything over that is gravy!
Previously, I had offered the opinion that the court system would not rule in favor of shareholders suing to make Genzyme enter negotiations with Sanofi at $69 per share (Henri and the Board have consistently said they want at least $80 per share). But, I wonder how information around Termeer's personal stake in the negotiations might affect a ruling? Seems like a conflict of interest. It also seems like Sanofi could solve pretty easily in the structure of its offer.
Failing in that, can anyone spare a dime?
Posted by Bruce Lehr October 14th 2010.